Sky's The Limit

Ashok Ramachandran, Ceo, Schindler, India & South Asia, On How New Technologies In Elevators And Escalators Is Reshaping Cities.

- Jayashree Kini Mendes

Elevators help improve the adage that what goes up must come down. But the current congenial market conditions is only helping these companies stay up. Overall, five firms control two-thirds of the global market: Schindler of Switzerland, Kone of Finland, Thyssenkrupp of Germany, Otis, part of America’s United Technologies; and Mitsubishi of Japan. Of course, there are other well-known players who have a significant footprint in the global elevators and escalators market.

One company in India that has constantly worked at evolving itself is Schindler India. CEO Ashok Ramachandran, who took over in June 2018, reveals some of the fascinating aspects of lift-making and how the market has evolved in India.

THE COMMANDING HEIGHTS

The elevator market is expected to surpass $130 billion by 2025. As one of the major transit mediums which facilitates urban flow by transporting goods and population vertically within a building, they are used in all types of buildings like commercial, residential, retail outlets, etc. Hence, advancements in the construction industry would augment the growth in global lift market. Currently, the domestic elevator and escalator market is estimated at around 80,000 units per annum, including 10,000 units of manually handled lifts.

The growth prospects of any business can be an alluring invitation to increase footprint around the world. India is one such market. Ramachandran says Schindler India is probably one of the last MNCs to enter India. Last year, the company celebrated 20 years of its presence in the country. It’s perhaps the first MNC to have both elevator & escalator manufacturing facilities in India.